FAQs - Current Account

Q. What is a current account?

A. A current account is used to facilitate transactions for small, medium-sized and large businesses that want to collect and save funds from their daily trade. In short, the business accounts are transacted through current accounts.

Q. Why should I get a current account?

A. A current account is the best way to carry out hassle-free digital transactions and other non-cash transactions. This way, the merchant can also build a transaction history on the bank records, which enables him/her to further expand the business through loans from the bank.

Q. What benefits will I receive from my current account?

A. You can avail yourself of services such as easy bill payments, Doorstep Banking services, instant money transfer through IMPS and other remittance services. In addition, you will also get the benefit of Rupay Virtual Debit card, QR card, phone banking, free quarterly email statements, SMS alerts.

Q. Can I have more than one current account?

A. No. You are allowed to hold only one account under a particular product category

Q. Do I need to submit physical documents to open a current account?

A. We are promoting paper less banking, you have e-KYC and Non-eKYC options available with you. In case of Non-eKYC current account opening customer needs to submit his/her proof of identity and proof of address. Soon we will provide non-individual current account also.

Q. What document are required to open a current account of DBT beneficiaries at counters and at Doorstep (through doorstep Banking)?

A. Your Aadhaar number, PAN card or form 60 and biometric validation (fingerprint verification) details would suffice to open a current account at IPPB. Customer needs to carry his/her registered mobile number with Aadhaar.

Q. What is the process of customer transaction(financial/non-financial) at counters and at Doorstep (through doorstep Banking)?

A. All transactions at Counters and Doorstep are being authenticated using OTP being delivered to customer’s registered mobile number at the time of transaction after showing any one of the valid OVDs

Q. What are OVDs?

A. Officially valid documents (OVDs) include: Passport, driving licence, voters’ ID card, PAN card, Aadhaar letter issued by UIDAI and Job Card issued by NREGA signed by a State Government official.

Q. Do I need an initial minimum deposit to open this account?

A. No minimum deposit is required to open an IPPB current account.

Q. Is there a maximum balance limit for this account?

A. You can only hold a maximum of Rs. 2 lakh in your current account.

Q. Will I get a debit card with the current account?

A. Yes, RuPay Virtual Debit card is available in this account and this card can be generated using IPPB mobile application. Please visit (Virtual Debit Card section) for more information.

Q. Do I need to have a minimum monthly average balance (MAB) to be maintained in my current account?

A. No. You need not to maintain a nominal monthly average balance (MAB) .

Q. What is the QR card offered by IPPB?

A. The QR card is the digital form of a QR code or a barcode that is used to identify the bank account holder.

Q. Can I use the IPPB QR card in an ATM?

A. No. You cannot use the QR card in an ATM since it is not a debit card.

Q. What if I lose my QR card?

A. There is no financial loss or risk associated with the loss or theft of your QR card. You can contact us on 155299 or visit our nearest bank branch office to re-apply for the QR card.

Q. Do I get any interest on my current account?

A. No. The current account does not offer interest on the balance in the account.

Q. Is the nomination facility available for a current account?

A. Yes. The nomination facility is available for a current account.

Q. Can I request for a demand draft?

A. No. Currently, we do not provide demand draft facility for current accounts.

Q. What are the charges for Doorstep Banking services?

A. You can use the Doorstep Banking services at nominal charges of Rs. 20 excluding GST.

Q. Can I open Non-eKYC account through Doorstep service?

A. No, Non-eKYC account opening service is available at IPPB Branches only.